Charity number: 289155 Registered number: 1786046
THE FINCHCOCKS CHARITY LIMITED
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
THE FINCHCOCKS CHARITY LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Sir Charles Burnett Bt |
|---|---|
| Katrina Burnett | |
| Sarah Crane | |
| Company registered | |
| number | 1786046 |
| Charity registered | |
| number | 289155 |
| Registered office | Waterdown House |
| 51 Frant Road | |
| Tunbridge Wells | |
| Kent | |
| TN2 5LE | |
| Secretary | Helena Lloyd |
| Independent examiner | Julie Mutton FCA |
| CLA Evelyn Partners Limited | |
| Chartered Accountants | |
| Brockbourne House | |
| 77 Mount Ephraim | |
| Tunbridge Wells | |
| TN4 8BS | |
| Bankers | Charities Aid Foundation |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4TA | |
| Solicitors | Cripps LLP |
| 22 Mount Ephraim | |
| Tunbridge Wells | |
| Kent | |
| TN4 8AS |
Page 1
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their Annual Report together with the financial statements of the Charity for the year ended 31 March 2024.
The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Trustees' report serves as a directors' report for the purposes of company law.
Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and Activities of the Charity
Policies and objectives
These, as outlined in the Charter of the Charity, are as follows:
“To provide an Open Resource for Musical Education in the widest sense and to bring the music of the past alive, entertaining and interesting for a wide range of the general public, with demonstrations, concerts, the opportunity for educational visits and the chance for interested adults, students and children to be able to play and study the original period instruments in the Richard Burnett Collection. The Charity also supports the maintenance of The Collection for these purposes.”
The Trustees confirm that they have considered the guidance of the Charity Commission regarding public benefit when reviewing the charity's aims and objectives and in planning future activities. They are satisfied that the activities undertaken during the year fully meet these requirements.
Activities for Achieving the Charity Objectives
The Charity’s activities continue to be centred around the Richard Burnett Collection of Early Keyboard Instruments of 14 historic instruments representing the development of the keyboard from the seventeenth to mid-nineteenth century up until the introduction of the modern pianoforte. This collection, which is on loan to the Charity, is historically significant and indeed unique in that all 14 instruments can be played by experts and students.
Maintenance
The maintenance of the instruments (which is the responsibility of the Charity) is a continuous and challenging objective. These old and delicate instruments require expert handling, tuning and conservation. They were all comprehensively restored between 2017 and 2019 but continue to require regular attention, especially before performances.
Training
The training activity has reduced in this reporting period due to our sponsored trainee disappointingly leaving to follow a different career path and the trainers no longer travelling to Tunbridge Wells.
Performances
This was a quiet year for the charity due to illness and recovery from the pandemic however there were still a number of performances and group visits.
Page 2
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024
Planning
There is a programme of concerts and visits planned for the 2024 "season" attracting both local and international players and visitors. The Collection is being carefully maintained and prepared for all events.
However, the trustees have concluded that the training activity is no longer viable. With a shortage of both trainers and trainees it has become apparent that the charity cannot continue to support training at the current time.
Financial review
Going concern
At present there are enough funds in the CAF bank to keep the charity afloat for the time being so there is no immediate urgency but we are looking forward to adopting a more active fundraising policy as soon as possible.
Reserves policy
The Trustees have reviewed the reserves of the Charity. The review concluded that in order to allow the Charity to continue efficiently and to provide a buffer against possible decreases in income that the reserves should be maintained above £200,000, which is a similar level to the reserves held in 2023.
Structure, governance and management
Constitution
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
The charity is constituted under a Memorandum of Association and is a registered charity number 289155.
Method of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Changes of Trustees are approved by a vote of three quarters of the Trustees present at the relevant meeting.
Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Page 3
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) TRusfEES' REPORT (continued) FOR THE YEAR EIVDED 31 MARCH2024 Trustees. responsibilities statement The Trustees {who are a150 director5 of The Finchcocks Charity Litnited for the purw)ses of company law) are re5ponslble for preparsng the Trustees. report and the finanaal statements In accordan wlth appllcable law nd Unlted Kingdom Accountlng Standards (Unlted ngdoM Generally Accepted A¢countiFVJ Practlce). Company law r4uires the Trustees to prepare financlal statements for each financ1 year. Under company law the Trust*s must not approve the fiRancial statements unless they are satlsfted thot they give a true and fair vlew of the state of affairs of the charitable company and of the incoming resources and applicatitsn of resources, Induding the income and expendlture, of the charltable company for that peliod. In prepbring these financlal statements, the Trustees aTe required to.. select suitable accounting poliaes and then apply them conslstenYy- observe the methods and prinoples In the Charitie5 SORP; make judgments and accountlng estlmates that are reasonable and prude prepare the financial ststements on the going concern basis unless It Is inapproprlate to PTe5ume that the charitable company will continue in operatlon. The Trust are responsible for keeping adequate accountlng iecoids that are sufficient to show and explaln the chdritable companys transactK)ns and dlsdose with reasonable acwrary at any time the financial wtion of the charitsble tompany and enable them to ensure that the finaTrclal statements comply with the Companles ALt 2006. They are also responsible for safeguarding the assets of the charitable c(¥npany and hee for tsklng reasonable step5 for the prevention and detectlon of fraud and other irregularitses. This report was approved by the TNstees, and slgned on their behalf bv.. Slr Charles Burnett 8t Date: ZLiii | Zo4 Page 4
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Report to the Trustees of The Finchcocks Charity Limited (the 'charity')
I report to the charity Trustees on my examination of the accounts of The Finchcocks Charity Limited for the year ended 31 March 2024, which comprise the Statement of financial activities, the Balance sheet and the notes to the accounts, including significant accountig policies.
Responsibilities and Basis of Report
As the Trustees of the charitable company (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the Companies Act').
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the Charities Act') and in carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act.
Independent Examiner's Statement
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the Companies Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julie Mutton
Fellow of the Institute of Chartered Accountants in England and Wales CLA Evelyn Partners Limited Chartered Accountants 77 Mount Ephraim Tunbridge Wells TN4 8BS
Date: 28 November 2024
Page 5
THE FINCHCOCKS CHARITY LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds Note 2024 £ Income from: Donations and legacies 2 46,311 Charitable activities 4 3,165 Investments 3 4,569 Total income 54,045 Expenditure on: Raising funds 2,964 Charitable activities 5,6 & 7 86,130 Total expenditure 89,094 Net (expenditure) / income (35,049) Net movement in funds (35,049) Reconciliation of funds: Total funds brought forward 269,150 Total funds carried forward 234,101 |
Total funds Unrestricted funds 2024 £ 2023 £ 46,311 129,066 3,165 5,930 4,569 1,132 54,045 136,128 2,964 2,613 86,130 63,889 89,094 66,502 (35,049) 69,626 (35,049) 69,626 269,150 199,524 234,101 269,150 |
Total funds Unrestricted funds 2024 £ 2023 £ 46,311 129,066 3,165 5,930 4,569 1,132 54,045 136,128 2,964 2,613 86,130 63,889 89,094 66,502 (35,049) 69,626 (35,049) 69,626 269,150 199,524 234,101 269,150 |
|---|---|---|
| 136,128 | ||
| 2,613 63,889 |
||
| 66,502 | ||
| 69,626 69,626 199,524 |
||
| 269,150 |
The notes on pages 8 to 13 form part of these financial statements.
Page 6
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 1786046 BALANCE SHEET ASA T31 MARCH2024 2024 2023 Fixed assets Tanglble assets Current assets Debtors Cash at bank and in hand 173 707 io 5,484 236,631 14,492 261257 242,115 276,749 Credltors: amounts falllng due withln one year li (8,1871 (8,306) Iletcurrent assets 233,928 268.443 Net ats 134,101 269,150 Charlty Fund$ UJ>restrtcted funds 12 234,101 269.150 Totrl fvnds 234,101 269,150 The chailtys ftnanclal statsrnents have been prepared In accordan wllh the wovlslons applicable to companles subject to the small companles re9ime. The Tnjstees consider that the charity is entit to exemptron from the requIremt to have an audit under the provlslons of sethon 477 of the Qimpanle5 Art 2006 (he ACV'I and members have not reqtjlred the Charfty to obtsln an audit for the year in question in accordan with sectlon 476 of the Art. The Trustee5 acknowledge thesr re5ponslblllties for cornplylng with the requirements of the Companles Art 2006 with respect to accounng records and the preparatton of flnanclal stat)ents. The financial ststsments INere approved and authorfsed for Issue by the Trustees on slgned on thelr behalf by.. 4 and Sir Charl Burtwtt Bt The notes on pages 8 to 13 form part of these flnancial ststements. e7
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting Policies
1.1 Charity information
The Finchcocks Charity Limited is a limited company and registered charity domiciled and incorporated in England and Wales.
The address of its registered office and its principal place of business is 51 Frant Road, Tunbridge Wells, Kent, TN2 5LE.
1.2 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cashflows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Finchcocks Charity Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.3 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
1.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 8
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting Policies (continued)
1.5 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.6 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Fixtures & fittings 5 years straight line - Office equipment 5 years straight line
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at Bank and in hand
Cash at bank and in hand includes cash and deposits held at call with banks.
Page 9
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Income from donations and legacies
| Income from donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Donations | 46,311 | 6,547 | ||
| Legacies | - | 122,519 | ||
| Total donations and legacies | 46,311 | 129,066 | ||
| Total 2023 | 129,066 |
3. Investment income
| Investment income | |
|---|---|
| Unrestricted Unrestricted |
|
| funds funds |
|
| 2024 2023 |
|
| £ £ |
|
| Bank deposit interest | 4,569 1,132 |
| Total 2023 | 1,132 |
4. Income from charitable activities
| Income from charitable activities | ||||
|---|---|---|---|---|
| Unrestricted Unrestricted |
||||
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Performances | 810 | 2,480 | ||
| Educational visits | 2,275 | 2,650 | ||
| Music shop | 80 | 800 | ||
| 3,165 | 5,930 | |||
| Total 2023 | 5,930 |
Page 10
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Direct costs
| Performance costs Tutorial fees Curator Tuning costs Instrument maintenance Piano moving Bursaries Depreciation Total 2023 |
Musical education 2023 £ 22,628 - 13,697 6,085 2,265 - 6,474 535 51,684 34,491 |
Musical education 2022 £ 14,238 200 14,707 1,904 84 20 2,366 972 34,491 |
|---|---|---|
6. Support costs
| Bank charges Sundry Printing, postage and stationery Subscriptions Bookkeeping and office administration Total 2023 |
Charitable activities 2023 £ 178 135 771 - 28,202 29,286 24,866 |
Charitable activities 2022 £ 191 111 - 660 23,904 24,866 |
|---|---|---|
Support costs are wholly applied to the only charitable activity of the charity, being musical education.
7. Governance costs
| Governance costs | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Accountancy fees | 5,160 | 4,532 |
Governance costs are wholly applied to the only charitable activity of the charity, being musical education.
Page 11
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Net income/(expenditure)
| Net income/(expenditure) | ||
|---|---|---|
| This is stated after charging: Depreciation of tangible fixed assets owned by the charity Independent examiner's fees During the year no Trustee received any: - Remuneration (2023 - £NIL). - Benefits in kind (2023 - £NIL). - Reimbursement of expenses (2023 - £NIL). |
2024 £ 534 1,050 |
2023 £ 972 1,000 |
9. Tangible fixed assets
| Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 10. Debtors Gift aid recoverable Prepayments |
Fixtures & fittings £ 4,469 3,997 456 4,453 16 472 |
Fixtures & fittings £ 4,469 3,997 456 4,453 16 472 |
Office equipment £ 391 156 78 234 157 235 2024 £ 5,374 110 5,484 |
Total £ 4,860 |
|---|---|---|---|---|
| 4,153 534 |
||||
| 4,687 | ||||
| 173 | ||||
| 707 | ||||
| 2023 £ 654 13,838 |
||||
| 14,492 |
Page 12
THE FINCHCOCKS CHARITY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year | ||
|---|---|---|
| Sundry creditors Accruals |
2024 £ 2,172 6,015 8,187 |
2023 £ 996 7,310 |
| 8,306 |
12. Statement of funds
Statement of funds - current year
| Designated funds Designated Funds General funds General Funds Total Unrestricted funds Total of funds |
Balance at 1 April 2023 £ 25,932 243,218 269,150 269,150 |
Income Expenditure £ £ - - 54,045 (89,094) 54,045 (89,094) 54,045 (89,094) |
Balance at 31 March 2024 £ 25,932 |
|---|---|---|---|
| 208,169 | |||
| 234,101 | |||
| 234,101 |
The designated fund was set up by the trustees as a hedge against future uncertainties. In accordance with a resolution passed in a previous General Meeting, ten percent of the annual surplus on unresricted funds is intended to be transferred to this unit. No transfer has been made for the year ended 31 March 2024 due to the deficit of £35,049. There was no transfer made in the prior year.
Statement of funds - prior year
| Designated Funds General Funds Total of funds |
Balance at 1 April 2022 £ 25,932 173,592 199,524 |
Income Expenditure £ £ - - 136,128 (66,502) 136,128 (66,502) |
Balance at 31 March 2023 £ 25,932 |
|---|---|---|---|
| 243,218 | |||
| 269,150 |
13. Related party transactions
At the balance sheet date, the charity owed £2,172 (2023: £966) to Katrina Burnett, a Trustee of the charity. During the year the charity received a total of £20,000 (2023: £Nil) in donations from 1 Trustee.
Page 13